FAE Audit Elective 2014

Whoisin thehouse

I cannot post a link as a new member but go to the below

portal.accaglobal.com/accrweb/faces/page/public/accreditations/enquiry/main/EnqProgrammesTable.jspx?_afPfm=wb16c1zi8

or give the guys at CGS a call, they also lecture on the ACCA courses

20 Times 20 Times

anyone able to find out what exemptions the core gives you for ACCA

Chris Partlow

On the ACCA website and from the people I've spoken to who switched, you only get exemptions for CAP 1 and CAP 2. These exemptions bring you up to the FAE equivalent of ACCA.

The people I know who have switched from CAI to ACCA are people who failed the core anyway, so they can't tell me for sure if passing FAE core counts for any exemption.

The guy I rang on the Dublin number on the website was English and couldn't help me at all.

So I'm not sure at the moment but not looking good.

Just to compound my misery, a girl at work also told me that there are 5 ACCA exams but they only let you sit a max of 4 in each sitting. Sittings in June and December. So earliest you'd be qualified is whenever the results of the Dec '15 exams come out...

Soap_Soup

I got decile 6, sufficiency 2.

Last year I got decile 7, sufficiency 1.

So my performance improved in comparison to the population, but I'm definitely further from passing. Great.

Soap_Soup

Finally got into the board report. It's a ridiculous read.

"All points noted in the solution were picked up by different candidates indicating that they were all readily identifiable but most candidates chose to only discuss one or two of them before moving on. Those who did this obviously scored less well than those who went on to identify a number of the issues."

So the mark scheme answer was covered off by the combined answers of 850 students. But they still went ahead and thought that was a reasonable answer to use as the benchmark.

They also complain that people shouldn't use lists etc.and instead should focus on the facts of the case. An answer for SIM 2 then proceeds to recommend we set materiality for an audit that's nearly complete!!! Beggars belief. And a number of the points are recommendations that we communicate materiality to the component auditor...that we ask them to undertake risk assessment procedures etc etc - They had already reported to us! That's the height of an "irrelevant list" answer. Can you imagine picking up an engagement from someone - receiving the component sign off, and then saying to the partner "should we send them materiality?". Think it would be safe to assume that had already been done. BADLY WRITTEN QUESTION!

Then another answer:

RC - "The candidate identifies some of the control issues"
C - "The candidate identifies a reasonable number of the control issues"
HC - "The candidate identifies a good number of the control issues"

Some? Reasonable number? Good number? The professionalism and detail here is outstanding.

donnem33

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

20 Times 20 Times

donnem33 wrote: »

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

Strongly thinking of changing but massive element of fear of going into the unknown!

Chris Partlow

donnem33 wrote: »

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

I'm switching. This is my second time repeating only the elective. From my experience no matter how much work you put in, it all comes down to how you react to the paper on the day. There's no pay off between the result and how much work you've done. And that's the most infuriating thing for me. How can people pass both Core and Elective when I've only been studying for the elective? Especially when I've passed the mock, passed a paper I sent away to get corrected and had all the past/sample papers done. I can't do all that again in 2015 only to have a paper like the one we got this year.

ACCA seems a lot fairer, with a consistent pass rate and you don't have to put your whole life on hold... You know, like a regular exam! They've got percentages and actual questions and everything! (And it's closed book, which, as far as I'm concerned, is definitely a good thing.)

I know I've got 1 exam left and I'm so close and all that, and that's disappointing... but part of me is glad I'll never be doing a chartered exam again!

Soap_Soup

Chris Partlow wrote: »

I'm switching. This is my second time repeating only the elective. From my experience no matter how much work you put in, it all comes down to how you react to the paper on the day. There's no pay off between the result and how much work you've done. And that's the most infuriating thing for me. How can people pass both Core and Elective when I've only been studying for the elective? Especially when I've passed the mock, passed a paper I sent away to get corrected and had all the past/sample papers done. I can't do all that again in 2015 only to have a paper like the one we got this year.

ACCA seems a lot fairer, with a consistent pass rate and you don't have to put your whole life on hold... You know, like a regular exam! They've got percentages and actual questions and everything! (And it's closed book, which, as far as I'm concerned, is definitely a good thing.)

I know I've got 1 exam left and I'm so close and all that, and that's disappointing... but part of me is glad I'll never be doing a chartered exam again!

I couldn't agree more with that.

It's the most depressing thing ever at the minute. A year ago I was fine with resitting the elective - I was 100% confident I'd pass it when just doing it alone. Now a year later (after that paper) I have no confidence in passing it, no matter how much work I put in.